Undergraduate Catalog (PDF) - Caldwell College

EMPLOYMENT OPPORTUNITIESStudent EmploymentStudents may work in a variety of campus jobs under Federal Work Study:• This program allows eligible students to earn funds to help to defray educationalexpenses. The program is financed chiefly by the federal government and administeredby Caldwell College. Federal Work Study funds are awarded on a first come first servebasis for eligible students. Work study dollars as part of the financial aid package doesnot guarantee a position. Position availability is determined by individual offices and thestudent will earn the funds monthly if hired by the individual office.LOANSFederal Subsidized Stafford LoanUnder this program, eligible students may borrow for educational expenses based on need.Students have between 10 and 25 years to repay Stafford Loans depending on amount owedand type of repayment plan selected. Interest rate as of July 1, 2013, for undergraduatestudents is 3.86%. Graduate students working on a master’s degree do not qualify forsubsidized loans after July 1, 2012.FINANCIAL AIDFederal Unsubsidized Stafford LoansThese loans are available to those who do not qualify for federal interest subsidies under theFederal Stafford Subsidized Loan Program. The combination of subsidized and unsubsidizedStafford loans for a borrower may not exceed the annual and aggregate limitsfor loans under the Federal Stafford Loan Program. Interest rates as of July 1, 2013, forundergraduate level is 3.86% and for graduate level is 5.41%.Note: First-time recipients of Stafford Loans are required to complete an entrance interviewand master promissory note online at www.Studentloans.gov. At this time, they will receiveinformation on default, deferment, debt management and repayment schedules. Loan recipientsare also required to complete an exit interview at the time they leave school online atwww.Studentloans.gov. During your online counseling session repayment procedures, defermentsand cancellation information will again be detailed. The seriousness of undertaking aloan obligation and responsibility for repayment is stressed during both sessions.Note: Caldwell College participates in Electronic Funds Transfer (EFT) from the federalgovernment. If you elect not to authorize EFT, you must report, in person, to the Bursar’s Officeto sign your check between 8:30 a.m. –4:30 p.m., Monday through Friday.Federal PLUS LoanParents of undergraduate students may borrow the cost of education minus any estimatedfinancial aid. Payments begin within 60 days after second loan disbursement or may bedeferred while the student is enrolled at least half time or until graduation. The interest rate asof July 1, 2013, is 6.41%.Private Educational LoansAfter exhausting all opportunities available from the federal and state aid programs, manyparents and students will consider private loan programs as a source of funding. As always,taking on debt for any reason should be done deliberately and only for the amounts needed.If you plan to take a Private Educational Loan, you will need to select a lender. The lender isthe institution from which the money is actually borrowed. All lenders are not the same. It paysto make an informed decision when selecting a lender. You will be entering in along-term relationship with the institution. Reasons for selecting a particular lender vary fromperson to person. Some choose based on name or brand recognition or reputation. Othersprefer the immediate benefit of below-market processing fees. Still others are interested in19